ED Cracks Down on Fake Bank Guarantee Racket Involving Reliance Power CFO
The Enforcement Directorate arrested Reliance Power's CFO in a money laundering case involving fake bank guarantees worth Rs 68 crores. The investigation revealed a racket, led by Odisha-based Biswal Tradelink, which issued counterfeit bank guarantees. Reliance Power claims victimhood and is actively pursuing legal action.
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The Enforcement Directorate (ED) has taken significant action by arresting the Chief Financial Officer of Reliance Power, a firm under industrialist Anil Ambani, in connection to a money laundering case. This case involves the issuance of a fake bank guarantee valued at Rs 68 crore.
Ashok Pal, the arrested CFO, was taken into custody on Friday night, as per the Prevention of Money Laundering Act. He is set to appear before a special court, where the ED will seek his remand for detailed custodial interrogation.
The case revolves around a fraudulent bank guarantee presented to the Solar Energy Corporation of India Limited on behalf of Reliance NU BESS Limited. The ED's probe links the scam to Biswal Tradelink, an Odisha-based company. Meanwhile, Reliance Power asserts its position as a victim of this fraudulent scheme and has lodged a complaint with the Delhi Police's Economic Offences Wing.
(With inputs from agencies.)
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